The DivX Create Bundle which includes a converter and pro codec is free today only. This would normally cost you $20.
After you download and try the software you will probably want to spend $10 to get the MPEG2 convertor add-on.
UPDATE: I guess the offer was too good. DivX has already pulled it. (Actually, I think they are in Europe.)
I recently (Sep 10th) purchased this product, and they were unwilling to offer even a partial refund.
Dear Scott,
Unfrotunately this is not an option. The offer is over as of now. Thank you very much for your interest in DivX.
-Sebastian